Senior figures in the financial services industry from around the world have been paying tribute to the Queen, who has died aged 96
Queen Elizabeth II, the longest reigning monarch in British history, has died at age 96, having dedicated her entire lifetime to public service.
During her seven-decade reign, she personified continuity and stability during wars, economic crises, tragedies, political scandals, pandemics and recessions, becoming an enduring, positive symbol of Britain all over the world. She was much loved and respected in both the UK and globally.
She reigned across two centuries, ascending to the throne of a declining empire and accompanying it along its sunset.
Her passing happens at a crucial time for her country and the world. The Brexit echoes may foresee the dissolution of Great Britain itself, while a war rages on in Europe, stoking the energy and cost of living crisis, which exacerbates inequality in society.
In addition to the United Kingdom, Queen Elizabeth was head of state of 14 Commonwealth member states known as Commonwealth realms, which include Australia and New Zealand. The biggest unknown is whether the monarchy and Great Britain will survive after her death, while many wonder what kind of monarch her son King Charles III will be.
Devotion to duty
Tributes from banks’ leaders have been pouring in from around the world, remembering her “extraordinary sense of duty and devotion to public service,” “steadfast leadership”, “grace” and how she was a “symbol of tradition”.
“In her 70 years on the throne, Her Majesty embodied the principles of public service and duty, and she was an inspiration to millions of people,” said Ralph Hamers, Group CEO at UBS.
“Her Majesty the Queen is the only monarch whom I and millions of others from the United Kingdom and the Commonwealth have ever known,” stated Jane Fraser, CEO at Citi. “Her passing brings to an end a 70-year reign marked by grace, dignity and service.” She added that many around world looked to the Queen “as a symbol of duty and tradition” while sending her blessings to the new King as “he assumes the important responsibilities before him and the stewardship of the United Kingdom and the Commonwealth”.
“Over her 70-year reign, the Queen has become a much loved and respected figure across the globe. Her extraordinary sense of duty and her devotion to public service means that she will be missed by many of us including myself,” said Bea Martin, UK chief executive at UBS.
Steadfast leadership
Peter Flavel, CEO of Coutts, the UK private bank that has served the Queen and every member of the royal family since George IV, believes that Queen Elizabeth II will be remembered for “her lifetime of extraordinary service and providing steadfast leadership through many significant moments in history”.
Her life of duty, commitment to her family, the UK and the Commonwealth serves as an example and inspiration to us all, said Mr Flavel.
“I have been extremely privileged to have spent time with Her Majesty and look back at these moments very fondly. Her Majesty generously gave her time to open our Coutts headquarters at 440 Strand, London on two occasions, in 1978 and in 2016. The latter remains one of the most memorable and proudest parts of my career.”
Stewart Boyd, Country CEO UK, at Singapore-based DBS Bank, London Branch, remembers Elizabeth II as an “amazing queen and leader”. “During Her Majesty’s years of dedication and service, she visited many countries including our markets, where she touched and impacted more individuals than any other leader in the history of the world. Her constant presence will be sorely missed across our markets,” he said.
Moz Afzal, EFG’s Global CIO, noted that the direct influence of the UK monarchy on the UK economy and geopolitics, over the last 30 years especially, has diminished significantly, but “there was a consistency and connection that kept the UK in touch with Commonwealth countries and other allies”.
“One potential consequence of the Queen’s death is that deep-seated relationships become unhinged, as King Charles III is not seen as the constant figure that would carry the same weight.”
In the short-term, Queen Elizabeth’s death will be a boost for tourism. Visitors will come to the UK to pay their respects, visit the palaces, and attend the various services in the coming months such as the coronation, which most of the UK and global society has not seen in modern times.
In the long term, King Charles III will need to “re-connect globally”. He has had very out-spoken views on the environment, climate and social justice issues that will make him a key figure in these areas. “’Green’ Charles III will certainly be pushing his influence around the world, which would continue the move to ESG investments and climate infrastructure development,” predicted Mr Afzal.
